Canadian bio-fuels and renewable chemicals company Enerkem has raised funds of about C$50m ($48.2m) to finance the development of its various bio-fuel facilities.
During this latest funding round, institutional fund Investissement Québec joined the company’s existing investors including Waste Management of Canada, Rho Ventures, Braemar Energy Ventures, The Westly Group, Cycle Capital, Fonds de solidarité FTQ and Fondaction.
With this round, the company has secured a total of C$87 ($84.2m) equity investment in 2013.
Commenting on the funds obtained, Enerkem president and chief executive officer Vincent Chornet stated the strategic investment by Investissement Québec would strengthen the company to build and assemble the various modules of our facilities.
"As we are finalizing the construction of the Enerkem Alberta Biofuels facility in Edmonton and developing our next facilities, we take this new corporate equity investment as a vote of confidence in Enerkem’s growth strategy," added Chornet.
Enerkem is currently developing a full-scale waste-to-biofuels facility in Edmonton, Alberta, along with similar facilities in North America and other countries.